Buckle up because we’re about to dive headfirst into the fiery pit of despair known as the accounting talent crunch. And who better to guide us through this treacherous terrain than Jeff Phillips, CEO of Padgett and Co-Founder of Accountingfly. Jeff recently spilled the beans (not an accounting joke) on how to survive – and yes, thrive – in the cutthroat world of talent acquisition in this must-hear episode of Accounting Talent Podcast with Rob Brown: Reasons for the Acute Talent Shortage in Accounting.
If you prefer, you can watch the episode on YouTube.
If we can understand the why of the shortage, we can take steps to fix it. In this article, we’ll talk about that why but also how. How accounting firm leadership can do their part, that is.
The Value Proposition: It’s a Bit Meh, Isn’t It?
Those already inside the accounting profession know the value their work provides to clients and capital markets but to students looking in from the outside, the message they’re getting blasted at them on social media like a firehose is that spending your career tied to a desk at an accounting firm is as fun as a trip to the dentist. Except unlike the dentist chair, sometimes you’re there for 60 hours a week.
While a career in accounting opens all kinds of doors, tends to be stable even in economic downturns, and isn’t such a bad way to spend your life, the value proposition leaves a lot to be desired for those who don’t even know what being an accountant is like. As Jeff so eloquently puts it, “Our value proposition needs a facelift.” Translation? We need to shake up the damn “we’ve always done it this way” snowglobe if we want to attract top talent.
- Fix it: So, how do you give your value proposition a much-needed makeover? Pay more (you’re probably not at market rates for talent), make work more flexible and meaningful, and stop caring where your next hire lives–embrace remote talent!
Then make sure you’re offering ample perks. Ask yourself — and be honest with yourself because we’re being real here — if you’re bringing enough to the table. Better yet, ask your last four employees the honest reason why they left and start there. That should give you insight into where you might be coming up short.
The Battle Royale for Talent: Let the Games Begin
It’s not just other accounting firms we’re competing against – it’s a veritable Hunger Games of talent acquisition. We’re talking consulting firms, tech giants, the whole shebang. And they’re pulling out all the stops to woo potential hires. If you want to have a chance against these attractive employers, you have got to bring your A-game. You don’t just need better perks than the firm down the street, you need the best perks on the entire block.
- Fix it: To win the talent war, think outside the box and offer perks that your competitors and other companies can’t match. If you’re not paying at or above market, you can’t get in the game. If you are, keep reading–Think: paid sabbaticals, flexible work arrangements, profit-sharing, and bonuses or raises based on results not years in a seat.
Show ’em why you are a great leader, communicator, and how your role is first to make sure THEY have what they need to be successful. By creating a workplace that’s as fun as it is rewarding, you’ll have candidates lining up at your door (or inbox).
Let’s Crunch Some Numbers… and Dreams
Now, let’s crunch some numbers and see what the data has to say. According to Jeff, we’re facing a pretty hefty gap between the number of jobs available and the number of warm bodies to fill them. It doesn’t take an accountant to understand the job market doesn’t balance so really, we don’t need to crunch numbers at all.
- Fix It: Jeff’s biggest piece of advice: focus on what we can control. Whether it’s offering flexible work arrangements, investing in employee training and development, or revamping your hiring processes, there are plenty of steps you can take to turn the tide in our favor. Which one to start with you ask? “Stop asking me and ask your team,” said Jeff, sarcastically. “They will tell you.”
Looking Ahead: What’s on the Menu for Future Episodes?
Get ready for a smörgåsbord of topics in the next few episodes of the Accounting Talent Podcast. From domestic remote work policies to top-grading initiatives for rising leaders and beyond, consider it another great stop for all things talent management in the accounting world. Stay tuned as Jeff and Rob discuss real-life case studies from organizations that have cracked the code on talent acquisition. By learning from their triumphs (and maybe a few missteps), we can all learn to chart our own course. And if you have a talent question for Jeff you’d like to see answered on a future episode, feel free to reach out.
Let’s Get this Party Started
It’s time to roll up our sleeves and dig our way out of the talent problem. The road ahead will definitely be bumpy, but with a healthy dose of getting out of your own way and a sprinkle of humor, we can conquer it.
Working with Accountingfly
If you’re interested in a regular flow of pre-screened candidates with no hassle and no upfront cost, you can get more information and register for Always-On Recruiting on our website.
We also offer dedicated searches and freelance/contractor placements and are generally a lot of fun to work with. Click here to schedule a call or get more information.
